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Discuss the statement of cash flows for horizon telecom

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Reference no: EM131779668

Portions of the financial statements for Horizon Telecom are provided below.

HORIZON TELECOM
Income Statement
For the Year Ended December 31, 2018
  Revenues   $612,000  
  Expenses:    
      Cost of goods sold $365,000    
      Operating expenses 118,000    
      Depreciation expense 30,000    
      Income tax expense 49,500    
 

 

  
        Total expenses   562,500  
   

 
  Net Income   $  49,500  

 

HORIZON TELECOM
Selected Balance Sheet Data
December 31, 2018
  Increase in accounts receivable $  5,800  
  Increase in inventory 11,400  
  Decrease in prepaid rent 9,000  
  Increase in operating expenses payable 6,500  
  Decrease in accounts payable 7,300  
  Increase in income tax payable 21,300  

 

Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method.

Reference no: EM131779668

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